Australian TNG, China group in $14 mil Mt Peake deal

摘要

Australian explorer TNG and its Chinese npartner have formalized a A$13.4 million n($13.9 million) investment deal through na subscription agreement that will result nin two Chinese parties owning 30% of nthe company, TNG said in a statement nTuesday. TNG’s key asset is the Mount nPeake iron-vanadium project in Australia’s nNew Territory state. Under the deal signed nlate Monday, TNG will issue 122,058,455 nshares to East China Mineral Exploration nand Development Bureau’s subsidiary nAo-Zhong and to private Chinese company nAosu at A$0.11 per share, the Australian ncompany said. Of the total cash proceeds nof A$13.4 million, A$2 million would be nused to repay a loan to Aosu. ECE will be noffered two non-executive board positions